Can Bitcoin Maintain Its Support Level At $100,000 Or Is A Decline Coming?

Bitcoin Scales the $100,000 Summit

Bitcoin crossed the highly anticipated $100,000 milestone on Thursday morning, reaching an unprecedented high of $103,900 during US trading hours, as per CoinGecko data.

This historic ascent came after brief concerns earlier in the day when substantial Bitcoin transfers to exchanges raised fears of a potential sell-off. However, these concerns were swiftly allayed as Bitcoin swiftly surpassed the six-figure mark.

Market analysts believe that Bitcoin's price is unlikely to fall below $100,000 in the near term due to robust buy demand. According to BRN analyst Valentin Fournier, "The order book exhibits strong support at $100,000 with over 4,600 BTC in buy orders." Fournier further highlights that "on the sell side, there are approximately 3,400 BTC in buy orders below $110,000, suggesting weaker resistance compared to the hurdle that must be overcome to surpass $100,000."

IntotheBlock Chief Marketing Officer Vincent Maliepaard reported a significant "net inflow" of over 8,000 BTC, valued at roughly $860 million, to exchanges on Wednesday. Historically, such movements indicate that investors may be gearing up to sell or take profits at current price levels.

"It remains uncertain how many investors will capitalize on this new high to take profits," Maliepaard said. "We monitor this data daily and will have a clearer understanding tomorrow."

Please note: This information does not constitute financial advice.